Syngas is a valuable material used for refining processes and petrochemicals. The global market for Syngas is anticipated to progress with a CAGR of 9.54% over the forecast period of 2018-2026. The growing demand for electricity, fuels, agricultural products and industrial chemicals are expected to drive the market growth.
Application and feedstocks are the primary market segments for Syngas. The feedstock segment is further classified into petroleum and by-products, biomass/waste, coal and natural gas. The application segments include power, gaseous fuel, liquid fuels, and chemicals. The conversion of underground coal gasification (UCG) is further presenting the market with lucrative opportunities. However, the initial-high investments and the complexity of processes involved in producing Syngas are acting as restraining factors for the market growth.
The geographical diversification of the global Syngas market is done into Asia-Pacific, Europe, North America and rest of the world. The Asia-Pacific region holds much promise in the global market with developing countries like India, South Korea, China and Mongolia acting as significant contributors to this region. The cost of production is comparatively less in this part as compared to other regional markets. As a result, several established market companies are tapping into the Asia-Pacific market. If this trend continues, the Asia-Pacific region will hold the biggest market share of the global market by the end of the forecast period.
Some of the established players in this market are Air Liquide Sa, Agrium Inc, Air Products & Chemicals Inc, General Electric Company, Dakota Gasification Company, Haldor Topsoe A/S, Royal Dutch Shell Plc, Kbr Inc, Sasol Limited, The Linde Group, Technip (Now Technipfmc), and Yara International.